Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AMEDEO AIR FOUR PLUS LTD. We currently have 3 research reports from 1 professional analysts.
|24Mar17 14:33||RNS||Acquisition of Asset|
|20Jan17 14:15||RNS||Holding(s) in Company|
|16Jan17 16:00||RNS||Total Voting Rights|
|13Jan17 14:55||RNS||Results of New Placing|
|11Jan17 17:00||RNS||Quarterly Report|
|11Jan17 17:00||RNS||Dividend Declaration|
|05Jan17 18:00||RNS||Publication of Supplementary Prospectus|
Frequency of research reports
Research reports on
AMEDEO AIR FOUR PLUS LTD
AMEDEO AIR FOUR PLUS LTD
2016 YTD Fund raising review – Topping up
05 Oct 16
Secondary issuance has dominated in 2016. 3i Infrastructure (3IN) led with a monster £385m raise (target: £350m) in May. At a sector level, infrastructure (£700m), property (£500m, mostly pre-Brexit vote), and renewables (£340m) tapped heavily in Q2 & Q3 2016. The IPO market remains quiet with only one primary launch in 2016; Hadrian’s Wall Secured Investments (HWSL) raised £80m for secured lending to SMEs including equipment finance, property development, and commercial loans. We also note that six funds have repurchased more than £50m of stock YTD.
11 Aug 15
The sector attracted a gross £2.8bn in Q2 (Q2 2014: £1.8bn) of which roughly two thirds came via IPO, dominated by Woodford Patient Capital (£800m, WPCT). Besides WPCT, issuance was lead by new and existing debt vehicles across a range of alternative sectors including CLOS, SME lending, property and aircraft leasing. Six new funds were launched in Q2, raising a total of £1.6bn (average £160m, ex WPCT) and have returned an average 6.5% on IPO price. Amedeo Air Four Plus (AA4) became the fifth aircraft leasing fund and the fourth to invest in Airbus A380s, offering a dividend yield of 8.25%. Ranger Direct lending (£135m) joined the SME debt line-up offering a 10% yield, targeting direct lending platforms in contrast to newer peer-to-peer platforms. WPCT increased the size of its IPO to £800m (from £500m) and is currently traded at a c15% premium to NAV with a tap issuance programme in place to manage the rating. Having struggled to raise the initial £100m target at launch, Miton UK MicroCap Trust has recently started to tap the market, raising an additional £4.6m in Q3, taking the market cap to c£55m.
N+1 Singer - T. Clarke - Strong conclusion to FY16, record order book
28 Mar 17
After significant upgrades at the time of the full year update (PBT forecast +43% FY16; +14% FY17), today’s results are c.4% ahead of our expectations at the PBT level and show strong growth on the prior year (PBT +48%). All regions achieved positive growth in revenue. The outlook statement refers to a still growing order book (£350m at the end of February vs. £330m at the year end) and the strength of recent trading, with London & the South East and Scotland said to be particularly positive. The Group has reiterated its ambitions to improve margins, but we have not incorporated this into our forecasts at this stage. We have nudged up our FY’17 forecasts (PBT +5%) and introduced FY’18 forecasts that imply 2% PBT growth. Despite the well justified bounce in the share price, the shares still trade at a significant discount to the peer group (7.6x FY17 PE, 4% yield).
N+1 Singer - Severfield - Strong H2 drives upgrades; CEO temporarily steps down due to ill health
28 Mar 17
Severfield’s trading update highlights that trading during H2 was strong and the Group now expects results to be ahead of expectations. Cash flow performance has been similarly strong with net funds at the year end also expected to be ahead of expectations. The strong performance was driven by both a better than expected revenue performance and better than expected growth in the operating margin. We expect to increase our FY16 PBT forecasts by c.9% to around £19.5m. In addition, we are disappointed to see that Ian Lawson (CEO) has taken a temporary leave of absence due to physical ill health. John Dodds (non-executive Chairman) will step up to Executive Chairman on an interim basis and Alan Dunsmore (FD) has agreed to assume the role of CEO on a similar basis. This should ensure the continuity of the business whilst Ian is recovering. The outlook for Sevefield remains positive and the Group has reiterated its medium term target to double PBT from £13.2m in FY16 by FY20. We remain positive on Severfield (one of our best ideas for 2017) and continue to see clear potential for it to outperform its medium term targets.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)